Metaplanet Inc., a Japanese investment firm, has now officially become one of the largest corporate holders of Bitcoin, crossing the 10,000 BTC threshold after purchasing an additional 1,112 BTC for approximately 117 million dollars. This move pushes them past Coinbase, which holds 9,267 BTC, placing Metaplanet seventh among publicly listed Bitcoin holders. The average price of their holdings now sits at around 96,400 dollars per Bitcoin, and the company’s Bitcoin acquisition strategy has been anything but cautious. Alongside this milestone, Metaplanet announced a new issuance of zero-coupon bonds worth 210 million dollars, fully dedicated to the purchase of more Bitcoin. Their ambitions are even larger, with a declared goal of reaching 210,000 BTC by the end of 2027. In parallel, they have also launched a 5.4 billion dollar equity offering, intended to support these purchases through the issuance of 555 million shares over two years. Following the announcements, Metaplanet’s stock jumped over 22 percent in a single day, and the firm’s shares have risen more than 417 percent year-to-date.
Seeing all this unfold, the question arises naturally: is issuing debt to accumulate Bitcoin a smart hedge against inflation, or simply a leveraged gamble with amplified volatility? In Metaplanet’s case, I would argue it is neither in the traditional sense. What we are witnessing here is not a risk-off treasury strategy or some tactical balance sheet optimization, but rather a full-scale identity shift. The company is no longer positioning itself as a traditional investment firm but as a Bitcoin-native capital allocator, using every available corporate finance tool to anchor itself deeper into the crypto economy. The use of zero-coupon bonds buys them time, the equity dilution spreads the risk across a longer horizon, and the constant accumulation gives them increasing visibility in both markets and media. Of course, the exposure is enormous, and the volatility inherent, but to Metaplanet this appears to be the point rather than the downside. It is not a hedge, it is a flag planted in the idea that Bitcoin is the future of value storage, and that being early and loud about it carries more strategic weight than cautious diversification. Whether they are right will depend entirely on the trajectory of Bitcoin itself. For now, it seems to be working, not because it is safe, but because it is clear.